If you are in the business of constructing buildings, you need to ensure that you meet all of your obligations under the Building Act 2004. This Act was passed in response to the leaky building issues, and to provide greater regulation of the building industry generally.
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If you occupy land in New Zealand, you will need to comply with the Resource Management Act 1991 (the RMA). The RMA contains the heart of New Zealand’s environmental law and is designed to promote the sustainable management of New Zealand’s natural and physical resources.
When someone dies the following steps have to be taken:
- The will should be read to make sure that you understand what it means
- The people named in the will as trustees or executors apply to the High Court for a probate order confirming the will and giving them authority to deal with estate assets
- If there is no will then someone has to apply to the High Court for a grant of letters of administration giving them authority to deal with estate assets
- The executors (if there is a will) or the administrators (if there is no will) then, using the probate document or the letters of administration document, have to transfer the assets in accordance with the will.
What is a family trust?
A trust exists whenever one person, a settlor, gives property to another person, a trustee, to hold for the benefit of a third person, a beneficiary. A family trust is therefore a relationship amongst:
- The settlor, who creates the trust and decides what goes into the trust deed; and
- The trustees, who hold title to the trust assets in their own names and deal with them as instructed in the trust deed; and
- The beneficiaries, who receive the benefits from the trust. They may include:
- discretionary beneficiaries, who may receive a benefit from the trust at the discretion of the trustees;
- final beneficiaries, who are entitled to whatever funds are still left in the trust when it is wound up; and
- primary beneficiaries, who are discretionary beneficiaries given some sort of priority ahead of the other beneficiaries.